DETROIT (Reuters) – A top private equity investor and former top Chrysler executive said on Monday that the U.S. economy is in recession and the automotive market will not begin its recovery until 2010. Tom Stallkamp, an industrial partner at New York private equity firm Ripplewood Holdings and former Chrysler president, said it was unclear […]
As Wall Street teeters on a precipice that sits directly above Main Street, a lot of eyes are turning toward private equity. Numerous PR flacks have emailed in the past day, to offer up clients who can discuss how buyout firms are positioned to become the white knight to [insert your favorite financial institution here]. […]
PNC Equity Partners has acquired The Country Vintner Inc., an Ashland, Va.-based fine wines distributor. No financial terms were disclosed. PRESS RELEASE PNC Equity Partners, II, L.P., announced today the acquisition of The Country Vintner, Inc. Headquartered in Ashland, VA, The Country Vintner (“TCV”) is the second largest distributor of fine wines in the United […]
ICV Capital Partners has re-acquired Marshall Retail Group, an operator of specialty retail stores in casino resort locations. No financial terms were disclosed. ICV originally acquired the company in 2003 from the founding Marshall family, before selling it to Bruckmann, Rosser, Sherrill & Co. in 2005. PRESS RELEASE ICV Capital Partners, LLC (ICV), a private […]
Invesco WL Ross has formed a joint venture with Huaneng Capital Services, a subsidiary of Chinese power company China Huaneng Group. The 50/50 partnership is designed to identify private equity investment opportunities in China’s power generation market. PRESS RELEASE Invesco WL Ross, which combines the strength of the private equity expertise of WL Ross […]
UK private equity firms 3i and ECI Partners have been linked with the acquisition of an estimated £1.25bn of NHS contracts to run primary healthcare centres. 3i, ECI Partners and Merrill Lynch Private Equity were named in one consortium, while Alliance Boots, owned by US private equity firm Kohlberg Kravis Roberts, has been confirmed as […]
Competitive Power Ventures Holdings, a North American power development and asset managing company, has received a new equity commitment of up to $300 million from existing shareholder Warburg Pincus. PRESS RELEASE Competitive Power Ventures Holdings, LLC (CPV), a North American power industry development and asset management company, today announced an agreement with Warburg Pincus, […]
Pharos Capital and TPG Capital have completed their acquisition of American Beacon Advisors, the asset management subsidiary of American Airlines parent company AMR Corp. The deal was valued at $480 million, with AMR retaining a minority ownership position. PRESS RELEASE AMR Corporation, the parent company of American Airlines, Inc., announced today that it has […]
Standard & Poor’s has lowered its long-term counterparty rating on AIG to A-, citing “reduced flexibility in meeting additional collateral needs” and “concerns over increasing residential mortgage-related losses.” It also kept AIG on creditwatch negative.
All the way back in 1998, AIG invested $150 million for a 7% stake in Blackstone Group. The stake was supposed to be valued at $1.35 billion over an undisclosed period of time. At the time of Blackstone’s IPO last year, that stake grew to nearly $2 billion, according to an AP report. Separately, AIG agreed to commit around $1.2 billion in various Blackstone funds. The point was to formalize AIG's relationship with the fund via former AIG CEO Hank Greenberg.* Now Greenburg has been ousted at AIG (replaced by a buyout pro no less), and anyways, the insurer may need to liquidate that stake. Ironically, the same 1998 press release that announced AIG’s investments in Blackstone also announced a termination of a longstanding LP relationship, triggered by a different financial crisis. Blackstone lost its commitment from Nikki Securities of Japan thanks to the tough market in Tokyo in the late 90s.